MFI chairman to retire next year

DEREK HUNT, chairman of the struggling MFI Furniture retailer, yesterday announced his intention to retire from the company next year, though MFI said he was not bowing to pressure from institutional investors. "It has for some time been my plan to retire at the age of 60," Mr Hunt told shareholders at MFI's annual meeting, adding that he does not intend to seek re-election next year.

MFI has been criticised by investors for the company's poor performance, which has seen MFI's shares fall from 151p late year to just 37p, down 0.5p yesterday. In a trading statement MFI said UK retail sales in the first 21 weeks of the current financial year were 10 per cent below the same period last year.